J. Stephen Co., Ltd. (KOSDAQ:A096690) agreed to acquire an additional 31.3% stake in Ace Woojin Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) for KRW 45 billion on September 5, 2019. The consideration will be paid in cash. Post completion of the transaction, J. Stephen Co., Ltd. will hold a total of 0.56 million shares representing 53.53% stake in Ace Woojin Ltd. For the year 2018, Ace Woojin Ltd. reported total assets of KRW 259.82 billion, total debt of KRW 172.65 billion, total capital of KRW 87.17 billion , sales of KRW 1 million and net income of KRW 42.13 billion. The acquisition is expected to complete on April 20, 2020. After correction report as of April 20, 2020 the transaction is expected to be completed by October 20, 2020. As of October 19, 2020, the transaction is expected to be completed on April 30, 2021.

J. Stephen Co., Ltd. (KOSDAQ:A096690) cancelled the acquisition of an additional 31.3% stake in Ace Woojin Ltd. from TONGYANG Networks Co., Ltd. (KOSE:A030790) on November 5, 2020.